Chapter 3: LBMA: Our Impact

LBMA is transparent in its commitment to maintaining the highest due diligence standards for sourcing precious metal material and is continually pushing for advancements in responsible sourcing.

Loco London

LBMA is the independent precious metals authority in London. We advance standards and promote good trading practices for refiners, traders, banks and others operating in the global precious metals industry.

LBMA was established to meet the needs of precious metals traders by maintaining integrity and trust in the Loco London Market. It plays a central role in advancing and promoting industry standards, which it develops in collaboration with the industry, relying on voluntary adoption, consent and cooperation.

LBMA’s approach is built on partnerships and collaboration. It does not impose top-down directives but instead works closely with the industry, including refiners and international organisations, to guide the industry toward better practices. LBMA accredits supply by assessing the robustness and veracity of third-party assurances from refiners. Our authority is focused on ensuring the integrity of the market through the Good Delivery List.

LBMA’s Good Delivery List

LBMA maintains and administers the Good Delivery List (GDL) for gold and silver, which lists the names of the Refiners LBMA accredits as acceptable for Good Delivery in the London bullion market, alongside the specifications of their bullion bars.

The GDL is widely recognised as one of the standards used by governments and exchanges for the quality of gold bars and is used by governments, exchanges and investors globally to define, in whole or in part, the Refiners whose production is acceptable in their own markets. A GDL Refiner must comply and satisfy requirements in three areas – spanning due diligence processes, bar specification and responsible sourcing adherence – not just on application, but on an ongoing basis. Breach of the GDL Rulebook may lead to suspension or removal from the GDL, with consequences for the Refiner’s reputation and financial standing.